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Conditional Share Sale Agreement in Bio Eneco Sdn Bhd for Share Sale in Elridge Energy Holdings Bhd.
We refer to our earlier announcement dated 31 January 2024 regarding the above matter.
We would like to announce that all the condition precedents as stated in the Conditional Share Sale Agreement dated 31 January 2024 have been fulfilled. The condition precedents are as follows: - the approvals from the regulatory authorities (namely Bursa Securities) in relation to the application by EEHB for the Proposed IPO of EEHB being obtained; - the written consent from the relevant financial institution of BESB having been obtained for the share exchange -- the approvals from the board of directors and shareholders of EEHB having been obtained for the acquisition of the Sale Shares and for the issuance and allotment of the Consideration Shares.
As such, the Company will proceed with the Proposed Share Exchange.
timetable IPO - Elridge Energy BHD Opening of application 06 Aug 2024 Closing of application 12 Aug 2024 Balloting of application 14 Aug 2024 Allotment of IPO shares to successful applicants 21 Aug 2024 Tentative listing date 22 Aug 2024
Malacca Securities Publish date: Thu, 08 Aug 2024, 09:24 AM
- We ascribe a fair value of RM0.54 (upside of 86.2% against IPO price of RM0.29) for Elridge Energy Holdings Berhad (EEHB). The valuation is derived by pegging a P/E of 20.0x to the FY25f EPS of 2.71 sen. We believe a P/E of 20.0x is justified as it in line with the average P/E of 20.8x of the selected peers.
Publish date: Fri, 09 Aug 2024, 11:50 AM - MYR0.38 Future Value, based on 16x FY25F P/E. Our 16x P/E target was obtained after benchmarking against the Bursa Malaysia Industrial Products and Services (KLPRO) Index. The 16x P/E ratio is at a discount compared to the weighted industry average of the renewable energy (RE) players.
Publish date: Fri, 09 Aug 2024, 09:43 AM - At an IPO price of RM0.29/share, Elridge is priced at a trailing PER of 24.6x FY23 EPS. We value the company at 18.6x FY25 EPS, arriving at a fair value of RM0.47/share.
First-Day Gain: If ELRIDGE’s stock price increases by 20% on the first day, its market cap could reach around RM700 million. Value for MIKROMB: MIKROMB’s 20.6% stake in ELRIDGE would then be worth approximately RM140 million. Current Situation:
MIKROMB Market Cap: RM300 million. Stock Price: Trading at RM0.285 per share. Opportunity:
With ELRIDGE’s potential value increase, MIKROMB’s stake would significantly boost its value. This additional value is nearly 50% of MIKROMB’s current market cap. Conclusion:
MIKROMB’s stock is currently undervalued considering the upcoming IPO of ELRIDGE. This makes it clear why MIKROMB is an attractive buy right now. 🚀🚀🚀🚀
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Kaizenzon
383 posts
Posted by Kaizenzon > 2024-05-09 18:04 | Report Abuse
Pancutlah Mikromb, hold too long not good for health